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Melbourne’s median house price is now $740,995

A colleague has just left the company and moving to Adelaide. A few reasons were mentioned but one key one would be the education for the kids. I think this is still a good reason as many Malaysians are there today for tertiary education. He said he has yet to look for a home because the prices there remained expensive, especially after conversion. However, he mentioned that compared Melbourne, the prices in Adelaide is considered affordable. I think he must have been following the property prices in Melbourne too. Yes, it is still on the way up.

In an article in domain.com.au, Melbourne’s house prices have hit a new record median of $740,995. (RM2.25 million). This is after a continuous growth in the past 4 years. This is as per reported in a major real estate site in Australia, domain.com Quoting experts, the reasons for this continuous rise would be interest rate cuts, lower stock levels and more investors hunting for properties ahead of the federal election. Even auction markets were active. the clearance rate (how many were sold out of the total on auction) is 80 percent across Melbourne. (It’s either every property being sold is very attractive or investors are just taking anything which is below market value) Domain Groups chief economist Andrew Wilson said that, “Melbourne’s median house price is on track to record 5 per cent growth or more this year, about a third of last year’s.

Sometimes when we start wondering whether property prices have become way too high, just look at the affordability level. At current price, it is definitely considered unaffordable already. As per Hudson’s Salary calculator, a Financial Accountant in Melbourne earns between AUD80,000 to AUD140,000. With this pay, I think they are still pretty capable of buying that Melbourne home, even if it is in the suburbs. My friend will be joining as a sales executive in a company in Adelaide. No information is available for Adelaide but for someone based in Melbourne, based on Hudson’s Salary calculator again, the pay ranges from AUD55,000 – AUD80,000. I think he should still be able to get a home in the near future. As per fiveaa.com.au, the median home price in Adelaide was AUD415,000 in 2015 and should rise to AUD450,000 by end of 2015. For me, it’s still Malaysia as the main choice for now. No one knows the future, right. Happy travelling or investing.